Saudi Arabia's East-West Pipeline, a critical artery bypassing the Strait of Hormuz, was reportedly hit in an Iranian drone attack on Wednesday, Reuters has reported. According to the report, a pumping station along the 1,200 km pipeline was struck by a drone early morning on Wednesday. Prior to the attack, the pipeline was pumping at its emergency capacity of 7 million barrels per day (bpd) to bypass the shuttered Strait of Hormuz. The strike occurred just hours after a U.S.-Iran ceasefire announcement, which has so far failed to halt regional…

The latest global oil shock has created an ideal environment for Suriname’s struggling oil boom. The impoverished South American country of less than seven hundred thousand is endeavoring to launch a transformative oil boom. Poor drilling results, a high gas-to-oil ratio, and conflicting seismic data saw Suriname’s oil boom put on hold during 2022. There are, however, obvious signs that the development of offshore Block 58 is back on track. Iran’s closure of the Strait of Hormuz, after U.S. and Israeli airstrikes, will drive higher…

U.S. Oil & Gas giant Exxon Mobil (NYSE:XOM) has signaled that surging oil and gas prices triggered by the conflict with Iran could increase its first-quarter upstream earnings by up to $2.9 billion, with the oil price boost expected to outweigh production disruptions in the Middle East. Exxon estimates that disruptions to its assets in the United Arab Emirates and Qatar will lower its global oil-equivalent production by 6% in the first quarter compared to Q4 2025, but higher commodity prices are projected to provide a profit lift between…

U.S. Oil & Gas giant Exxon Mobil (NYSE:XOM) has signaled that surging oil and gas prices triggered by the conflict with Iran could increase its first-quarter upstream earnings by up to $2.9 billion, with the oil price boost expected to outweigh production disruptions in the Middle East. Exxon estimates that disruptions to its assets in the United Arab Emirates and Qatar will lower its global oil-equivalent production by 6% in the first quarter compared to Q4 2025, but higher commodity prices are projected to provide a profit lift between…

Interest in travel insurance has spiked over the last month after airline bosses warned of cancelled flights amid shortages of jet fuel due to the ongoing energy crisis. Thousands of flights have been cancelled, and more cuts are planned, as global airlines struggle with surging fuel costs and supply issues caused by the war in Iran. Ryanair chief executive, Michael O’Leary, has warned that his budget airline may need to cancel 10 per cent of its flights this summer as we enter this “unknown scenario”. Meanwhile, regional airline…

Oil prices fell below $100 per barrel while the S&P 500 and global markets surged after the U.S. and Iran agreed to a two-week ceasefire deal that includes the reopening of the Strait of Hormuz for the first time in more than a month. Brent crude for June delivery plunged 16.4% to trade at $91.37 per barrel at 8.00 am ET, while WTI crude for May delivery declined 17.9% to change hands at $92.62/bbl. On Wednesday morning, Agence France-Presse (AFP) reported that two ships appeared to have transited the Strait of Hormuz since the U.S.-Iran ceasefire…

Gold prices rose after U.S. President Donald Trump and Iran agreed to a two-week ceasefire to finalize talks on ending the war that has upended global markets. Bullion climbed to above $4,800 an ounce, extending a 1.2% gain from the previous session. Trump said in a social media post that he had agreed to suspend bombing less than two hours before a self-imposed deadline to wipe out Iran's "whole civilization," adding that the reopening of the Strait of Hormuz was a key condition for the pause. Iran said safe passage through the strait was "possible"…

Aker BP has started production from the Symra field in the North Sea nine months ahead of schedule, while partner DNO ASA highlighted the startup as a key milestone in its aggressive growth strategy offshore Norway. The Symra development, operated by Aker BP with a 50% stake, is expected to add around 60–63 million barrels of oil equivalent (boe) in gross reserves. For DNO, which holds a 20% interest, the field is projected to deliver 4,000–5,000 barrels of oil equivalent per day (boepd) at plateau, providing a meaningful boost to its…

Aker BP has started production from the Symra field in the North Sea nine months ahead of schedule, while partner DNO ASA highlighted the startup as a key milestone in its aggressive growth strategy offshore Norway. The Symra development, operated by Aker BP with a 50% stake, is expected to add around 60–63 million barrels of oil equivalent (boe) in gross reserves. For DNO, which holds a 20% interest, the field is projected to deliver 4,000–5,000 barrels of oil equivalent per day (boepd) at plateau, providing a meaningful boost to its…